Gold forecast to rise to $1,100 despite crumbling jewellery demand - - target price half inflation-adjusted 1980 high of $2,200
Apr 9th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
A report on the gold price from the London-based GFMS consultancy, says the precious metal could easily re-attain the $1,000 mark and may well push up towards and maybes even through the $1,100 barrier, in coming months. Philip Klapwijk, chairman of of GFMS says, “the price may have pulled back a fair bit from the February highs but that was largely just the market’s reaction to jewellery demand crumbling and scrap booming. It’s far from game over for investors and it will be that crowd which sets the price alight”. However, even if the $1,100 barrier is reached, it will only be about half the inflation-adjusted high of the 1980 peak of $850, which is $2,200.